Access Announces Board Changes, Names Anzilotti Chairman
June 19 2015 - 04:52PM
Business Wire
Access National Corporation (NASDAQ: ANCX) (the “Company”),
parent company for Access National Bank, announced several changes
today to the Board of Directors of both Companies, all made on and
effective June 18, 2015. Non-executive Chairman James (“Ted”)
Jadlos resigned from the Board citing the need to focus significant
time and energy on a new, non-competing business interest in
Secondary Capital Holdings, LLC. Mr. Jadlos served as a Director of
the Company and of its lead subsidiary, Access National Bank, since
2000.
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Michael Anzilotti (Photo: Business
Wire)
Director Michael Anzilotti was elected by the Board as
non-executive Chairman to succeed Mr. Jadlos. Director Martin
Friedman was elected by the Board to the newly created position of
Vice Chairman.
In his resignation, Mr. Jadlos stated, “I wish the Company
continued success. I would like to express sincere appreciation to
the Board and Management for building a great company that has
provided a rewarding investment for shareholders and clients,
including myself. I have full confidence that the Bank and
Management team will be strongly supported by the appointment of
Mike Anzilotti as Chairman.”
Michael Anzilotti said, “I am honored to succeed Ted Jadlos as
Chairman, and am grateful for the Board’s confidence. I look
forward to working closely with Management and the Board to foster
the continued financial success and shareholder friendliness that
has been routine under Ted’s leadership.”
CEO Michael Clarke expressed his appreciation and outlook, “Ted
has been a great partner and very participating Board member in
helping shape our success over many years. I am sad to see him step
back but feel confident he will remain a supportive shareholder,
good client and continuing business friend.”
Mr. Clarke continued, “It is certainly bittersweet as Michael
Anzilotti is the perfect candidate for the vacancy Ted created. Mr.
Anzilotti was responsible for driving tremendous growth and success
at First Virginia Bank and Virginia Commerce Bancorp, Inc. when he
served as President of each of those companies. His increased
engagement will help us build upon the historical success of Access
that brought us up to $1 billion of assets and will take Access to
a new level of distinction and relevance in the business
community.”
Mr. Clarke concluded, “Finally, I want to thank Martin Friedman
for agreeing to step into the new role of Vice Chairman. Martin’s
intensive experience investing in our industry will prove
invaluable in helping Mike and I shape strategic direction and
growth.”
About Michael Anzilotti:
Prior to joining the Access Board in February 2014, Mr. Anzilotti
served as a Director of the $2.8 billion Virginia Commerce Bancorp,
Inc. (NASDAQ: VCBI) until its acquisition by United Bancorp, Inc.
(NASDAQ: UBSI) on January 31, 2014. Mr. Anzilotti was President of
Arlington Virginia based VCBI from 2004 until his retirement in
July 2010. Prior to that, he served as President and CEO of First
Virginia Bank from 1995-2004, the leading northern Virginia
predecessor to BB&T (NYSE: BBT). Outside of his banking
experience, Mr. Anzilotti has served in a variety of community
leadership positions that include: Board Member, Virginia Tech
Board of Visitors; Chairman, George Mason University Foundation;
Chairman, Northern Virginia Community College Educational
Foundation; Chairman, Fairfax County Chamber of Commerce; and
Chairman, Virginia State Chamber of Commerce. Michael Anzilotti
graduated from Virginia Tech with a B.S. in Marketing before
earning an MBA at George Mason University. He also graduated from
the Stonier School of Banking and holds an Honorary Doctorate from
George Mason University as well as an Honorary Associates Degree
from the Northern Virginia Community College.
About Martin Friedman: Mr.
Friedman has served as a Director of the Company since 2009. He is
co-founder and CEO of FJ Capital Management, an investment fund
firm based in McLean, VA, since 2008. Additionally, he currently
serves on the Board of Directors and Compensation Committee of
Anchor Bancorp Wisconsin, Inc., holding company for AnchorBank FSB,
a $2.1 billion federal savings bank located in Madison, Wisconsin.
He was previously Director of Research for Friedman, Billings,
Ramsey Group, a research and securities trading firm, from 1998 to
2007. Prior to that, he was a securities analyst with the same firm
from 1992 to 1998. Mr. Friedman served on the Board of Directors
for Guaranty Savings Bank in Metairie, Louisiana from 2008 to 2009.
Mr. Friedman graduated from the University of Maryland with a B.S.
degree in Finance.
About Secondary Capital Holdings,
LLC: Former Chairman Ted Jadlos is capitalizing
Secondary Capital Holdings, LLC, based in Greenwood Village, CO.
SCH, LLC (informally called 'school') will assist mortgage market
participants in formulating and executing capital markets
strategies with particular emphasis on integrating financial
technology solutions related to origination and securitization
problems. Specifically, it will focus on loans that fall outside of
investor/securitization guidelines, which is an area of growing
concern for the mortgage industry, particularly for mortgage heavy
industries, as new regulations and restrictions are implemented
industrywide. Clients will include mortgage originators and
investors, but also extend into the broad spectrum of mortgage
vendors that support the mortgage industry through financial
technology and asset modeling. Directed to originators, it will
advise and manage transactions. Directed to investors, it will
facilitate acquisition support.
Access National Corporation is the parent company of
Access National Bank, an independent, nationally chartered $1
billion asset bank serving the business community of the greater
Washington DC Metropolitan area. Additional information is
available on our website at www.AccessNationalBank.com. Shares of
Access National Corporation are traded on the NASDAQ Global Market
under the symbol "ANCX".
This press release contains “forward-looking statements” within
the meaning of the federal securities laws. These statements may be
identified as “may”, “could”, “expect”, “believe”, anticipate”,
“intend”, “plan” or variations thereof. These forward-looking
statements may contain information related to those matters such as
the Company’s intent, belief, or expectation with respect to
matters such as financial performance. Such statements are
necessarily based on assumptions and estimates and are inherently
subject to a variety of risks and uncertainties concerning the
Company’s operations and business environment, which are difficult
to predict and beyond control of the company. Such risks and
uncertainties could cause the actual results of the Company to
differ materially from those matters expressed or implied in such
forward-looking statements. For an explanation of certain risks and
uncertainties associated with forward-looking statements, please
refer to the Company’s Annual Report on Form 10-K and other SEC
filings.
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